ALL SEASONS FUND: APRIL 2025 – COMMENTARY LETTER
The All Seasons Fund ended the month of April with a return of +2.78%.
Market Review
Major equity indices were mostly lower after volatile April market moves. On April 2nd, President Trump announced “reciprocal” tariffs on imports from all countries that were far higher than expected. After the news, the S&P 500 had its worst two-day performance since March 2020. After a week, the president announced a 90-day pause on higher-level tariffs (excluding China) to allow more time for negotiations. The S&P 500 reacted with its best one-day performance since 2008.
The All Seasons Fund benefited from the volatility with a positive month in a mostly down month for equities and government bonds. Although risk versus reward on trades early in the month was too high to position meaningfully, opportunities became cautiously more prevalent in “oversold” conditions by mid-month. By the end of April, the fund was higher year-to-date in the face of generally lower equity markets. While this is only one data point, it speaks to the fund’s objective of achieving positive returns in all economic environments.
Looking forward, May still has several key earnings announcements, as well as further economic data around jobs, inflation, and GDP. Most importantly, it continues to offer clues around the Trump administration’s resolve to negotiate tariffs. We believe tariffs will continue to cloud the economic outlook and diminish business and consumer sentiment. We believe these periods of uncertainty are another reason to invest in a fund that has low correlation to equities and bonds.
Sincerely yours,
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-MUTUALS or visit our website at www.USAMutuals.com. Read the prospectus or summary prospectus carefully before investing.
Fund Objective:
The Fund seeks capital appreciation in all economic cycles.
Standardized performance as of (3/31/2025) Fund Inception (2/01/2002)
| 1 Year | 3 Year | 5 Year | 10 Year | Since Inception | |
| UNAVX | 0.47% | 5.37% | 7.63% | 5.80% | 9.91% |
| S&P 500 Index | 8.25% | 9.06% | 18.59% | 12.50% | 9.28% |
| S&P 500 Target Risk Conservative Index (TR) | 5.70% | 2.98% | 4.83% | 4.02% | 4.84% |
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-866-264-8783. Returns over one year are annualized. The Gross and Net expenses are 2.65% and 1.96%.
The Fund’s adviser, USA Mutuals Advisors, Inc. (the “Adviser”), has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2025, to ensure that total annual fund operating expenses after fee waiver and reimbursement (but does not include: front-end or contingent deferred loads, shareholder servicing plan fees, taxes, borrowing costs such as interest and dividends on short positions, brokerage fees and commissions, acquired fund fees and expenses, extraordinary expenses such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) and class-specific expenses like distribution (12b-1) fees) will not exceed 1.96% of the Fund’s average daily net assets for each share class.”
Definitions:
The S&P 500 Index: An unmanaged composite of 500 large capitalization companies. Professional investors widely use this index as a performance benchmark for large-cap stocks. You cannot invest directly in an index.
The S&P Target Risk Conservative Index: Designed to measure the performance of conservative stock-bond allocations to fixed income, seeking to produce a current income stream and avoid excessive volatility of returns. Equities are included to protect long-term purchasing power.
Performance data quoted prior to October 13, 2017 represents the past performance of the Goldman Navigator Fund, L.P., a limited partnership (the “Predecessor Partnership”). From its inception on February 1, 2002, through October 13, 2017, the Predecessor Partnership maintained investment policies, objectives, guidelines, and restrictions that were, in all material respects, equivalent to those of the Fund. The Predecessor Partnership was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”), which, if applicable, may have adversely affected its performance. On a going-forward basis after October 13, 2017, the Fund’s performance will be calculated using the standard formula set forth in rules promulgated by the SEC, which differs in certain respects from the methods used to compute total returns for the Predecessor Partnership. Please refer to the Financial Statements section of the Fund’s SAI to review additional information regarding the Predecessor Partnership. The Navigator Fund name was changed to the All Seasons Fund on July 21st, 2021. Past performance is no guarantee of future results.
SYMBOL: UNAVX
